Cyprus Property News magazine for overseas buyers & real estate investors

Tuesday, June 2, 2020

Monthly Archives: June, 2018

High-rise developments coming to Paphos

The Paphos Municipality has given the green light for the construction of two twenty storey high-rise buildings in the tourist area of the town on land close to the Aloe Hotel on Poseidonos Avenue.

Opposition delays NPL & Co-op bills

Opposition parties have rejected a request by the Cyprus government to urgently discuss five bills concerning the management of non-performing loans (NPLs) and the takeover of the Co-op by the Hellenic bank.

Cabinet approves NPL reduction bills

Four bills and regulations that will significantly improve the way non-performing loans (NPLs) are dealt with and provide for incentives, penalties and e-auctions were approved by the Cabinet on Thursday.

Cyprus property value change notification

The owners of property in Cyprus must be notified by the Land Registry personally if there is any significant change in the value of their property the island's Supreme Court has ruled.

Cyprus property rent reforms

It should soon be easier for landlords to recover their properties in Cyprus from tenants who fail to pay the rent if the bill submitted to parliament by the DISY parliamentary group is approved.

Limassol high rents protest

Hundreds of mainly young people carrying banners and slogans staged a protest in Limassol against the large increases in rents for homes and apartments, which makes it almost impossible to rent.

Glimmer of hope for Pissouri homeowners

There appears to be a glimmer of hope for homeowners affected by the devastating land slippage in the Limnes (lakes) area of Pissouri; they are hopeful that a solution may soon be found.

Limassol high-rise development damaged flats

Residents who claim that vibration caused by the construction of a high-rise development in Limassol has damaged their block of nearby flats have been given 15 days to evacuate the building.

Cyprus cooperative bank investigation (Update)

The situation in which the Cyprus Cooperative Bank now finds itself is to be investigated by a committee appointed by attorney general Costas Clerides amid allegations of mismanagement.

Non-performing loan laws inefficient

The legal frameworks introduced by Cyprus aimed at reducing non-performing loans (NPLs) are inefficient according to the European Stability Mechanism (ESM) in its annual report.

Management committees fall foul of law

A number of management committees, which manage and administer jointly-owned buildings in Cyprus, have recently found their bank accounts frozen due to a law introduced in 2017.

Passports scheme could bring Dutch disease

The Fiscal Council has warned that overreliance on the Passports for Cash Scheme aka Citizenship by Investment Scheme aka Golden Visa Program could bring 'Dutch disease' to Cyprus.

Rent scam suspects detained in Limassol

Two suspects in Limassol have been remanded in custody for four days on suspicion of operating a rent scam following complaints from tenants who'd been paying €800/month for the last four months.

Bills rewarding bad borrowers may pass

The bills rewarding bad borrowers by exempting them from paying income tax, capital gains tax, property transfer fees, stamp duty and the special defence contribution are expected to pass.

Applications from Golden visa providers

As from July 31st golden visa applications will only be accepted from providers that have registered with the scheme's supervisory body and who have signed up to a code of conduct.

MPs table bill to tax Airbnb-style rentals

A bill to regulate and tax the income on short-term Airbnb-style property rentals has been tabled by two MPs and should go before the plenum prior to the parliamentary summer recess.

Limassol rent price protest

Around 1,000 Limassolians and others are expected to gather outside the Limassol District Administration Offices in Anexartisias Street to protest against the exorbitant rent prices in the town.

Reward bad borrowers; punish the good

In a move, which if successful, will result in rewarding bad borrowers while punishing the good, the Cyprus parliament is expected to vote on proposals granting tax relief to bank debtors by July.

Speeding up issue of Title Deeds

The Cyprus government is ready discuss ways to reduce the time taken to issue Title Deeds, which has tarnished the reputation of Cyprus as a safe place to buy property by overseas investors.

Four more high rise buildings in Limassol

Pafilia property developers are planning to build four high rise residential towers in Limassol of 43, 38, 31 and 25 storeys next to Limassol Municipal gardens, the tallest of which will reach 173 metres.

Most Read

Property sales collapse hits all markets

The historic collapse of 80 per cent in property sales in April hit the local and overseas market segments according to statistics from the Department of Lands & Surveys.

Historic collapse of property sales

Property sales in Cyprus have collapsed as a result of the coronavirus pandemic to a level only seen once before when the events of March 2013 made Cyprus a household name around the world.

Building permits maintaining strong growth

The number of building permits authorised in Cyprus during February 2020 provided for the construction of 680 new homes; an increase of 18 per cent compared to February 2019 according to official figures.

Cyprus passport programme under fire again

The Cyprus citizenship by investment programme, which enables well-heeled foreigners to obtain an EU passport for investments of at least €2 million, has come under fire again from the European Union.